PREIT Completes Key Step in Financial Restructuring, Extending Maturity Date of Mortgage Loan Secured by Woodland Mall
PHILADELPHIA, February 11, 2021 – PREIT (NYSE: PEI), a leading owner and operator of distinctive real estate in high barrier-to-entry markets, today announced that is has entered into an amendment to the mortgage loan secured by Woodland Mall, one of the Company’s key redevelopment projects opened in 2019. This amendment marks a key step in the Company’s balance sheet repositioning effort.
Key terms of the amendment include:
- Maturity date extension to 12/10/21 with a 12-month extension option;
- Interest rate revisions;
- Guaranty reduced to $10 million with restrictions on lenders exercising rights and remedies.
Woodland Mall opened its highly anticipated expansion wing in October 2019, featuring a vibrant lineup of tenants, resulting in double-digit traffic growth over the recent holiday season. The mall is home to the only Von Maur, Apple, Urban Outfitters, and REI locations in West Michigan. Shoppers would need to travel over 100 miles to find another tenant lineup that includes Sephora, Williams-Sonoma, Lush, Pottery Barn, Von Maur and Altar’d State.
“Completing this transaction is a key step in PREIT’s balance sheet repositioning as we move forward in executing on our plan to strengthen our portfolio of distinctive real estate through the addition of a unique mix of uses to create a more powerful business model,” said Joseph F. Coradino, PREIT Chairman and CEO.